ASX-listed insurer CBL has announced that it has acquired a 40% stake of an Irish insurance firm.
CBL has taken the stake in Allied Risk Holdings, a captive insurance management firm in Dublin, Ireland for €1.38m ($2m) and will take on its senior management team, who will be appointed to CBL Insurance Europe’s executive team in Dublin.
“Acquiring this senior executive team gives us more dedicated resource and expertise on the ground in our important European markets, and it follows on the heels of our recent appointment of Mark Christer as CBL’s CEO of Europe,” Peter Harris, managing director of CBL said.
As part of the deal, CBL Insurance Europe has appointed Larry Sherin as CEO, Neal Lamont as financial controller, and Ronan Ryan as chief operating officer. Current CBL Insurance Europe CEO Brendan Malley will retire and take a part-time claims management role with the company.
Oliver Doyle will become chief information officer and will transfer from Auckland.
Allied Risk Management is the main operating company of the firm and it is the largest independent insurance professional management company in Ireland and was appointed by CBL to provide professional management services for its European operations in 2013.
“We have known the CBL NZ team for nearly five years,” Sherin said.
“They are an impressive operation, and I am looking forward to working with Mark and playing a strong part in the Group’s growth in Europe.”
Allied has a number of high profile clients such as Continental, Porsche and Santander Bank and has current annual billings of €2.3m ($3.4m).
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